via Zim enters 2016 with $150m trade deficit – NewsDay Zimbabwe March 8, 2016
ZIMBABWE opened the year 2016 with a trade deficit of $150 million as the country continues its over-reliance on foreign produced goods, latest trade data from the national statistics agency have shown.
BY MTHANDAZO NYONI
Data released by the Zimbabwe National Statistics Agency (ZimStat) last week showed that exports in January amounted to $249 million against $399 million worth of imports, which remain heavily skewed towards consumptive products following a significant drop in raw materials importation.
Most of the imports were consumptive products such as bottled water, sugar, soap, cooking oil, cellphone handsets, electronics, vehicles spares, clothing and second hand vehicles.
Cumulatively, imports from January 2015 to January this year amounted to $6,4 billion while exports were at $2,9 billion.
Last year, from January to December the country’s trade deficit stayed flat at $3,3 billion.
The government had predicted a $3 billion trade deficit for the whole year. Imports were projected to decline to $6,2 billion this year from $6,3 billion in 2015. Exports were expected to grow to $3,7 billion this year from $3,4 billion projected last year.
In 2014, Zimbabwe also registered a trade deficit of $3,3 billion while in 2013 it was $4,19 billion.
Zimstat said maize, rice, wheat, crude oil and cane topped the list of imports while exports in the period under review were dominated by gold, tobacco, nickel and diamonds, while imports comprised mainly of fuel, medicines, maize and vehicles, among others.
In his 2016 National Budget statement, Finance minister Patrick Chinamasa said the continued depreciation of the South African rand against the United States dollar had undermined the competitiveness of Zimbabwe’s exports.
COMMENTS
why not the government control these imports by quotas and tariffs because some of these products we have them being locally produced here we have maize ,sugar and even cooking oil in Zimbabwe so why import them we must be importing critical raw materials at this stage …..
@Walter. Idiot, where are you living, Timbuktu? There is no maize. Trying to import millions of tons to cover this winter. There is cooking oil but only because we have to IMPORT most of the raw materials leading to the trade deficit. I give you the sugar.
Why do we have to import maize, wheat, cooking oil, soap, sugar? We used to export the darn stuff by the bucket load, in return for key essentials to maintain the economy and growth.
This is the domino effect of farm seizures that has messed up every strand of the economy together with acutely poor Govt who do not seem to have any brain cells.
They are living in a delusion, blaming weather conditions, currency fluctuations for their own failures. The sad thing is they are unable, will not believe, but they know in their hearts they have taken the people and the country from fruit to a basket case, a failed state and hands outstretched with the begging bowl.
What has happened to Air Zim, Sable, Zisco, the railways, to name a few, once the pride of Africa, now bankrupt and derelict.